There is no plan to immediately increase the price of petrol as speculated in some quarters, Minister of State for Petroleum, Timipre Sylva, says.

Mr Sylva who stated this in a statement on Friday was reacting to hike speculations in some quarters over the recommendation by Nigeria Governors’ Forum (NGF) that fuel subsidy be removed and the price of the commodity pegged between N380 to N410.

The current price of petrol nationwide is N162. The minister says the price will remain so even in June until ongoing consultations with stakeholders are concluded.

“Once again, it has become necessary to assure Nigerians that despite the huge burden of under-recovery, the federal government is not in a hurry to increase the price of Premium Motor Spirit (petrol) to reflect current market realities,” Mr Sylva reiterated. “The current price of petrol will be retained in the month of June until the ongoing engagement with organized labour is concluded.

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“This clarification becomes necessary in the light of recent reports regarding the resolution of the Nigeria Governors Forum to increase the pump price of petrol.

“In this regard, I would like to strongly urge petroleum products marketers not to engage in any activity that could jeopardize the seamless supply and distribution system in place,” the minister warned.

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